President Yoon Suk Yeol shakes hands with Czech President Petr Pavel during their summit on the sidelines of the NATO summit at the Walter E. Washington Convention Center in Washington, July 10 (local time). Yonhap

Cautious optimism is growing about the possibility of Korea Hydro & Nuclear Power (KHNP) defeating its French competitor, EDF, in the bid for a 30 trillion won ($22 billion) project to build nuclear power plants in the Czech Republic, as the selection of the preferred bidder has become imminent, according to industry officials, Tuesday.

The Czech government will reportedly announce the winner Wednesday (local time) when it holds a Cabinet meeting on energy policies. If KHNP wins the bid, it will export Korean nuclear reactors for the first time since 2009, when it received an order to build the Barakah Nuclear Energy Plant in the United Arab Emirates.

"Because the Korean consortium is superior to the French firm in terms of offering a lower price and high quality, as well as meeting the deadline, it is highly likely to win the order," Hi Investment & Securities analyst Lee Sang-heon said.

"If it succeeds in winning the order from the Czech Republic, it will be able to export Korean nuclear reactors to Poland, the Netherlands and Romania."

Ekonomicky Denik, a Czech news outlet, reported in May that a well-informed source gave a slightly higher chance to KHNP, saying that the Korean firm made an "offer that the Czech government cannot refuse" with a price bordering on dumping.

Another Czech media outlet, Britske listy, pointed out the French government-owned electric utility company's close ties with Rosatom, Russia's state-owned nuclear energy company.

"Nongovernmental organizations point to France's dependence on the Russian nuclear industry," Britske listy reported in May.

"EDF continues to use Russian uranium enrichment services."

For the project aimed at building four nuclear reactors in Dukovany and Temelin, KHNP is cooperating with Doosan Enerbility, Daewoo E&C and several other state-run energy firms, as well as multiple Czech companies.

The Korean state-owned nuclear power plant operator emphasized that Korea is the only nation that can build high-quality nuclear power plants on time and on budget. EDF has already delayed the completion of the first reactor at Hinkley Point C in the United Kingdom to 2029 from 2027, increasing the cost for the project.

"I promoted KHNP's superb capabilities in nuclear power plant construction and plant management," KHNP CEO Whang Joo-ho said after visiting the Czech Republic last month.

"I'll see to it that the company becomes the Czech Republic's exclusive partner for the country's new nuclear power plant project."

Whang is said to be flying to the central European nation once again on Thursday.

Last week, President Yoon Suk Yeol also asked Czech President Petr Pavel to allow Korean firms to participate in the nuclear plant project, during their summit held on the sidelines of the NATO summit in Washington, D.C.

"Financial support is also available through the Export-Import Bank of Korea and Korea Trade Insurance Corp.," Yoon said at that time.

However, there remains possibility of the Czech Republic choosing France, considering their membership in the European Union. French President Emmanuel Macron paid frequent visits to the Czech Republic to pursue the EU-centered nuclear energy value chain.

"Although we believe the Korean consortium has an excellent chance of winning this huge nuclear power plants construction in the Czech Republic, the final outcome remains uncertain," said Douglas Kim, an analyst at SmartKarma, a Singapore-based investment research firm.